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Market Oracle FREE Newsletter

Urgent Stock Market Message

Has the EURO Topped?

Currencies / Euro Aug 31, 2017 - 12:38 PM GMT

By: SurfCity

Currencies

At least in the short term anyway? Remember, that based on my USD update from yesterday, I am still looking for a 5-6 month Intermediate Cycle Low (ICL) in the USD. The Dollar has rallied hard off yesterdays low and as you would expect, the EURO is showing signs of topping here.

I have taken a trade in shorting the EURO with the EUO ETF but have not yet made this a portfolio trade as it is risky here but here are some charts on both the EURO ($XEU) and EUO.


My first three charts are on the EURO ($XEU). The first is close up showing what looks like an early top on day 8. The second is a one year daily and the third, an 11 Year weekly showing that it is struggling at the 200wma. My last chart is a USD 1+ year weekly showing the strong two day bounce that recaptured the 200wma so we may well be witnessing the long awaited Intermediate Low (ICL) I have been looking for.

My last two charts are on the EUO ETF that shorts the EURO.

Talk about catching a falling knife… Wish me luck.

By Surf City

https://surfcity.co/

Everything about Cycle Investing

© 2017 Surf City - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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